Lew Platt to replace Boeing chairman

Boeing announced Monday that its chief executive and chairman, Phil Condit, has resigned. Lew Platt, former CEO of Hewlett-Packard, will serve as Boeing's nonexecutive chairman, and Harry Stonecipher, a Boeing director, will be CEO.

The men will assume their new positions immediately. Condit, also an HP board member, resigned at Boeing, following controversy surrounding a $17 billion contract with the U.S. Air Force. Boeing and the Pentagon are conducting a review of the airplane maker's efforts to land the large deal. Last January, Boeing hired the chief procurement officer for the Air Force as a program manager.